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rahel solomon explains. >> world's largest economy still growing, but slowing. the latest numbers show that the u.s. economy grew at an annualized rate of 1.1% in the first quarter of 2023. for context economists were expecting a figure twice that or at about 2%. 1.1% is also lower than the previous two quarters. the report from the bureau of economic analysis shows a still remarkable u.s. consumer who despite inflation and higher interest rates continued to spend on both goods and services, even durable goods. items like appliances or electronics which tend to be a bit expensive, that came in stronger than what we've seen in years. we also saw increases in net exports and government spending at the federal, state and local levels. but business spending, that is slowing. we saw a steep decline in private inventory. so this includes all types of inventory from wholesale to retail, also manufacturing. and while this report suggests a
EconomyWorldRateNumbersUnited-statesContext-economistsSlowingRahel-solomon20231InflationReportpre—pandemic days. but you have to offset that against the industrial action we have been having in the uk and in february, it was teachers, it was civil servants, and that weighed on the economy. so overall, across the month of february, there were zero growth. as i said, monthly figures can be a little volatile. we saw a steep decline in december, an increase in january, saw a steep decline in december, an increase injanuary, now saw a steep decline in december, an increase in january, now flatlining increase in january, now flatlining in february. you have to look on a bit of a wider scale and the ons says if you look back to last spring, growth has been flat. there hasn't been much at all. so that is not a great picture. but go back a few months and look at what forecasters were saying, it could have been a lot worse. a few months ago, a lot of forecasters were suggesting that the uk would enter a recession, that is are defined of two successive quarters of negative growth. that is now seen a lot less likely than it was. the international monetary fund forecast earlier this week the uk economy would shrink over the next year by
UkGrowthEconomyIndustrial-actionServantsTeachersZeroFiguresBitSaw-a-steep-declineScaleVolatile